A very strong auction market so far for 2014, as evidenced from the weekend’s clearance rate of 71 per cent on 620 auctions. Last weekend, the clearance rate was 67 per cent. There were 400 private sales and 1320 auctions are expected for next weekend.
All auctions attended by the Elite team over the weekend sold under the hammer to the tune of 10% – 30% above the reserve price. Each auction also attracted large numbers of people, giving a good indication of the interest and demand for Melbourne properties.
The Sunday Age featured my comments yesterday on how strong the market is looking currently. I believe that the market may even be a little bit stronger than what we saw in late 2013. Both the competition between mortgage providers as well as the high clearance rates seen so far in 2014 brings confidence for buyers and vendors, as we see more properties coming on to the Melbourne market.
We are looking forward to seeing what clearance rates are achieved next weekend from the expected 1320 auctions. February is proving to be quite a hot month for Melbourne properties in 2014!
The auction season commenced over the weekend producing a clearance rate of 71 per cent on 620 auctions. In addition to the weekend auctions there were 400 private sales. Next weekend will be the first test for the year with 1320 auctions expected for the weekend (the first Super Saturday for 2014).
All auctions attended by the Elite team over the weekend sold under the hammer to the tune of 10% – 20% above the reserve price. Check out some of the results below.
If you missed it, Elite Property Advisory provided comments in The Sunday Age yesterday around the feel of the current market. We are looking forward to seeing what clearance rates are achieved next weekend from the expected 1320 auctions.
Kim Easterbrook talks about the increasingly competitive Melbourne auction scene.
Kim Easterbrook talks about what makes or breaks a suburb.
Read the full article here.
Kim Easterbrook comments on an increase in single female buyers.
Read the full article here.
Kim Easterbrook comments on holiday properties.
ANZs decision to raise the interest rate on variable mortgage customers dampened the mood at some auctions. The moves by banks to independently lift their rates worried buyers, particularly investors. But owner-occupiers who were less interested in seeking instant capital gain continued to target good properties.
Six bidders competed at an executor’s auction, conducted by Bennison Mackinnon, of an art deco apartment in its original condition at 3/24-36 Clowes Street, South Yarra. Kim Easterbrook, of Elite Buyer Advocates, said the unit was on the market at $621,000 and sold for $690,000.
Kim Easterbrook comments on first home buyers increasing bidder numbers across Melbourne.
Kim Easterbrook talks about increased buyer confidence this Spring.
